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You take out a 2-year, $7,000 loan at 7% interest with monthly payments. The lender charges you a $100 fee that can be paid off,

You take out a 2-year, $7,000 loan at 7% interest with monthly payments. The lender charges you a $100 fee that can be paid off, interest free, in equal monthly installments over the life of the loan. Thinking of the fee as additional interest, what is the actual annual interest rate you will pay? (Round your answer to two decimal places.) % Need Help? Read It Talk to a Tutor

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